Ethereum rival Solana has recently attracted attention with its performance in the crypto market. The altcoin has made almost 5X since the beginning of the year. However, the SOL has lost some ground in recent days. However, Solana and altcoins still have huge room to rally, according to Macro Guru Raoul Pal.
Solana rose but has not rallied yet!
As you follow from Kriptokoin.com, the cryptocurrency market has entered consolidation mode. Although the leading cryptocurrency Bitcoin made an upward move following the weak US CPI data, it later started to decline towards 36 thousand dollars. Bitcoin is not alone in this regard. However, Solana continues to surprise market players with its resilience. However, Macro Guru Raoul Pal says Ethereum (ETH) rival Solana (SOL) has not rallied even after surging in recent weeks.
Solana has entered an uptrend after breaking out of a classic bullish formation, former Goldman Sachs executive Raoul Pal says in the new edition of the Global Macro Investor (GMI) newsletter. Based on this, Pal makes the following statement:
SOL broke out of an inverted head and shoulders formation last month. It is now up over 475% year-to-date. This has been one of our key trades on GMI (Global Macro Investor) this year and it has done really well.
Source: Raoul Pal/SubstackRaoul Pal also makes a warning for altcoin
However, the Macro Guru warns that SOL will likely pull back after the spike, based on the relative strength index (RSI), a widely used momentum indicator that aims to determine whether an asset is overbought or oversold. He expresses his views on this subject as follows:
In the short term, SOL remains overbought with an RSI of 89 (the highest since September 2021). So we should expect to see some selling pressure soon. This shouldn’t surprise anyone. After all, we increased by 240% in two months!
Source: Raoul Pal/SubstackMacro Guru expects SOL price to continue rising
Raoul Pal draws some conclusions based on SOL’s broader historical price pattern. Macro Guru expects the altcoin price to continue rising as a result. In this vein, Pal said, “But then you look at this chart and realize it’s all still to be played.” says.
Source: Raoul Pal/SubstackAdditionally, macro Guru evaluates the total market cap of Solana and other altcoins. Pal suggests that it is in an uptrend after breaking out of an ascending falling wedge pattern. Pal: “And this chart too. Wow.” He expresses his excitement with his exclamations.
Source: Raoul Pal/SubstackMeanwhile, Solana was trading at $56.26, up 0.6% in the last 24 hours. Besides, the altcoin is sitting on a 36.5% profit on its weekly chart.
47322
